"The Sacramento market has remained strong with continued population and job growth, despite the current state of the economy," says David Blenko of Haverford Capital, which provided $3,942,000 of equity funding for the deal. "In the past two years, rental rates have increased over 10 percent and vacancies have remained low. This project provides housing close to the area's major business centers and can be upgraded and repositioned in this tight housing market."
The Suncreek Apartment complex consists of 268 units in a 197,600 SF space, which is nearly fully occupied. Located in the Citrus Heights area, it is constructed in the mid-1980's vintage design.
The transaction was a direct deal between the joint venture and the seller, Suncreek 268 LPD, according to a spokeswoman for Haverford. The new owners plan to renovate the property, including landscaping, building exterior updates and repairs.
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